BP-Azerbaijan and NBA Discuss Possibilities of Research into Sustainable Economic Development of Azerbaijan

Business Materials 17 April 2007 20:05 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / A meeting took place at the National Bank of Azerbaijan (NBA) between the NBA Head Elman Rustamov and new President of BP-Azerbaijan Bill Shredder.

The meeting was of a familiarization nature. During the meeting, the sides exchanged views on the activities of oil companies in Azerbaijan, on reforms in the banking sector of the country and measures to support sustainable economic development. In addition, the meeting covered the possibility of investigations to ensure the sustainable economic development of Azerbaijan. Presently BP-Azerbaijan plans to, in cooperation with the International Finance Corporation, create an innovative organization in Azerbaijan to support service companies working in the oil sector of the country. The main goal of the organization is to allocate credits for small and medium enterprises. They will be financed through the Micro Finance Bank of Azerbaijan.

The gross budget of the innovative organization will amount to $15 mln which will be raised by all three sides (IFC, BP-Azerbaijan and Micro Finance Bank of Azerbaijan).